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Monitoring Support AT The 50-Day EMA

EURJPY TECHS
  • RES 4: 160.66 2.382 proj of the May 11 - 29 - 31 price swing
  • RES 3: 160.00 Psychological handle
  • RES 2: 159.92 2.236 proj of the May 11 - 29 - 31 price swing
  • RES 1: 158.52/159.76 High Sep 7 / High Aug 30 and the bull trigger
  • PRICE: 157.62 @ 06:41 BST Sep 12
  • SUP 1: 156.59 Low Sep 11
  • SUP 2: 156.57 38.2% retracement of the Jul 28 - Aug 30 rally
  • SUP 3: 155.54 Low Aug 3
  • SUP 4: 154.61 61.8% retracement of the Jul 28 - Aug 30 rally

The recent pullback in EURJPY appears to be a correction and the trend outlook remains bullish. Key support to watch is the 50-day EMA - at 156.84. This average was pierced yesterday. A clear breach of it would undermine the uptrend and highlight a possible short-term reversal. On the upside, the next bull trigger is 159.76, the Aug 30 high where a break would confirm a resumption of the uptrend. This would open 160.66, a Fibonacci projection.

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